Business
Naira Records First Gain of the Week Against Dollar on Parallel Market
The naira posted its first appreciation of the week against the US dollar in the parallel foreign exchange market on Tuesday. According to a Bureau de Change operator in Wuse Zone 4, Abuja, Idris Yunusa, the naira strengthened to N1,580 per dollar, up from N1,585 recorded on Monday, marking a N5 gain.
In contrast, the official exchange rate showed a slight depreciation. Data from the Central Bank of Nigeria revealed that the naira fell to N1,532.93 per dollar on Tuesday, compared to N1,528.03 on Monday, reflecting a N4.90 loss.
The shift follows a weak start to the week for the local currency, despite a reported decline in Nigeria’s inflation rate.
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